This luxury home is priced at R12.5 million.
The Val de Vie Wine & Polo Estate, situated between Paarl and Franschhoek, experienced a 43 percent increase in year-on-year sales transactions during 2012.
The area has a relative shortage of the well located and bigger sized stands, pointing to an eminent price shift in the estate’s property market.
For the period 1 December 2011 to 30 November 2012, the total property sales in Val de Vie consisted of 84 freehold homes and 11 sectional title transactions to the value of R92.0904 million and R1.26 million respectively.
This home is on the market for R5.5 million.
For the same periods during 2010 and 2011 respectively, 61and 65 sales transactions to the value of R62.769 million and R72.865 million were concluded up from 19 transactions in 2009 to the value of R22.99 million.
Average sales prices have remained fairly stable since 2010, increasing from R1.029 million to R1.106 million. This, however, is not a true reflection of property prices on the estate as Val de Vie is only five years old and by far the majority of property transactions during this period have been stands.
According to Lightstone, the present average valuation for Val de Vie properties is R3.79 million - ranking it as the 373rd most expensive estate in South Africa, which is on par, pricewise, with Oubaai Golf Estate in George and Sandhurst Ext 4 in Johannesburg.
The average value of Val de Vie property is, however, set to dramatically increase during the next few years as more and more luxury homes are being developed on the vacant stands.
The available stands in the market have during the last few months dropped quite markedly especially the bigger and better located stands. Val de Vie consists of 567 stands spread between the vineyard and open areas over an area of 1 771 384 square metres.
Maureen de Waal, resident agent affiliated to CCH, has during the last four months achieved sales which have already corrected the historical price levels on the estate – i.e. a house for R5.5 million at more than R13 000 per square metre and a house for R11.25 million.